Adams Street Partners
An employee-owned private-markets investment manager serving institutional investors through private equity, venture capital, private credit, and secondary-market strategies.
Last updated August 31, 2026
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Overview
Adams Street Partners, LLC is a privately held American investment management firm headquartered in Chicago, Illinois. The firm operates in private markets and is principally associated with private equity fund-of-funds investing, although its activities also include venture capital, private credit, and private-equity secondary strategies. Its clients are primarily institutional investors seeking long-term exposure to privately held companies, private-equity funds, venture funds, and other illiquid or less publicly traded assets. The business traces its origins to 1972, when it was established as the growth-equity division of First National Bank of Chicago. At that time it operated under the name First Chicago Investment Advisors. In 1989, Gary P. Brinson, then the division's chief executive, led a management buyout valued at $100 million. The transaction separated the investment operation from First Chicago Corporation and created an independent firm known as Brinson Partners. Swiss Bank Corporation acquired Brinson Partners for $750 million in 1994. Following the 1998 merger of Swiss Bank Corporation and Union Bank of Switzerland, Brinson operated within UBS Asset Management. Adams Street Partners emerged from a restructuring of Brinson's private-markets activities in 2000. In September of that year, Brinson established Adams Street Partners in part to address bank-related regulatory constraints, including restrictions on banks holding more than 24.9 percent of certain non-banking companies. Brinson retained a 24.9 percent interest while employees held the balance. Adams Street Partners became a separate firm on January 1, 2001. In May 2008, the firm acquired Brinson's remaining 24.9 percent interest from UBS for $156 million, completing its transition to employee ownership. The firm's largest area has historically been fund-of-funds investing, in which capital is allocated across a portfolio of private-equity funds rather than concentrated in a single fund or company. This model can provide institutional investors with manager diversification, access to multiple private-market strategies, and exposure to companies across sectors and geographies. Adams Street also invests through secondary transactions, which involve buying existing interests in private-equity funds or portfolios, and through direct or co-investment opportunities alongside private-market managers. The precise mix of products, mandates, and vehicles can vary by client and fund. Adams Street expanded its platform in 2016 by launching venture-capital and private-credit businesses. These additions broadened the firm beyond its established private-equity and fund-of-funds activities. The firm's international presence includes offices in Europe and the Asia-Pacific region, supporting its global investment and client-servicing activities. Public industry references have placed Adams Street among the larger global private-equity fund-of-funds managers. Preqin ranked it ninth globally in that segment in 2020, reporting approximately $40 billion in assets under management at that time. In June 2024, Private Equity International placed the firm 42nd in its PEI 300 ranking of large private-equity firms. Because Adams Street Partners is privately held, comprehensive current financial statements, detailed revenue figures, and a complete public record of its management structure are not generally available. Its public identity is therefore defined primarily by its private-markets investment platform, institutional client base, employee ownership, and long operating history.
History
Adams Street Partners originated in 1972 as the growth-equity division of First National Bank of Chicago, where the operation was known as First Chicago Investment Advisors. Its early institutional setting gave the business an established banking-sector base while its investment focus developed around growth companies and private-market opportunities. In 1989, Gary P. Brinson, the division's chief executive, led a $100 million management buyout of the operation from First Chicago Corporation. The transaction created an independent investment firm named Brinson Partners. In 1994, Swiss Bank Corporation acquired Brinson for $750 million. After Swiss Bank Corporation merged with Union Bank of Switzerland in 1998, Brinson became part of UBS Asset Management. Adams Street Partners was formed by Brinson in September 2000. The structure was designed partly to address regulatory restrictions affecting bank ownership of non-banking companies. Brinson retained a 24.9 percent interest in the new firm, while the remaining ownership was held by employees. On January 1, 2001, Adams Street Partners was spun out as a separate business. In May 2008, Adams Street Partners bought Brinson's 24.9 percent interest from UBS for $156 million. The transaction completed the firm's shift to full employee ownership and established the ownership structure associated with its independent identity. In May 2014, Royal Bank of Scotland sold a minority stake in its private-equity unit to Adams Street Partners for $167 million. The firm expanded its strategy range in 2016 with the launch of venture-capital and private-credit businesses. Its platform has also included private-equity secondaries, direct investments, co-investments, and fund-of-funds strategies. Fund-of-funds investing has historically represented the majority of its assets, with capital diversified across private-equity managers and funds. Secondary investments provide another route into private markets by acquiring existing fund interests or private-company exposures. Adams Street Partners is headquartered in Chicago and has offices outside the United States in Europe and Asia-Pacific. The firm's institutional orientation and international office network support investment activity and client relationships across multiple regions. Public rankings have recognized its scale: Preqin identified it as the world's ninth-largest fund-of-funds manager in 2020, with approximately $40 billion in assets under management, while Private Equity International ranked it 42nd in the 2024 PEI 300. As a private, employee-owned firm, it does not provide the same level of ongoing financial disclosure as a listed asset manager.
- 2016
Venture capital and private credit added
[1]The firm launched venture-capital and private-credit businesses, broadening its private-markets platform.
- 2014
Investment in an RBS private-equity unit
[1]Adams Street Partners acquired a minority stake in Royal Bank of Scotland's private-equity unit for $167 million.
- 2008
Employee ownership completed
[1]The firm acquired UBS's remaining 24.9 percent interest for $156 million and became fully employee owned.
- 2001
Spinout becomes effective
[1]Adams Street Partners was spun out as a separate firm on January 1.
- 2000
Adams Street Partners formed
[1]Brinson formed Adams Street Partners as a separately structured private-markets business, with employee ownership alongside a 24.9 percent Brinson interest.
- 1998
Brinson becomes part of UBS Asset Management
[1]Following the merger of Swiss Bank Corporation and Union Bank of Switzerland, Brinson operated within UBS Asset Management.
- 1994
Swiss Bank Corporation acquires Brinson
[1]Swiss Bank Corporation acquired Brinson Partners for $750 million.
- 1989
Management buyout creates Brinson Partners
[1]Gary P. Brinson led a $100 million management buyout that separated the investment division from First Chicago Corporation and formed Brinson Partners.
- 1972
Growth-equity division established
[1]The business was founded as the growth-equity division of First National Bank of Chicago under the name First Chicago Investment Advisors.
Products and positioning
A global, employee-owned private-markets investment manager focused on institutional portfolios and diversified access to private equity, venture capital, private credit, and secondary investments.
Private equity
Private Equity Fund of Funds
A diversified private-equity allocation strategy investing across a portfolio of private-equity funds and managers. Fund-of-funds exposure can provide institutional investors with manager, strategy, sector, vintage-year, and geographic diversification. This has historically been the firm's principal area of activity and the majority of its assets.
Private markets
Private Equity Secondaries
A secondary-market strategy focused on acquiring existing interests in private-equity funds or related private-market portfolios. Such transactions can give investors access to seasoned assets and provide liquidity to existing holders, although individual investment structures and fund terms vary.
Venture capital · 2016
Venture Capital
A venture-capital business launched in 2016 that provides exposure to privately held, growth-oriented companies and venture-capital funds. Publicly available reference material does not specify a complete list of vehicles, sector mandates, or investment terms.
Private credit · 2016
Private Credit
A private-credit business added in 2016 as part of the firm's expansion beyond private-equity fund investing. It represents an allocation to privately negotiated credit opportunities, with specific products and mandates determined by the relevant investment vehicles.
Private equity
Direct and Co-investments
Direct and co-investment opportunities complement the firm's fund-based strategies by providing exposure to individual private companies or transactions, often alongside established private-market managers. The available reference material does not identify specific portfolio companies or current programs.
Brand decisions
2016
Expand into venture capital and private creditStrategyBackground
The firm's established platform centered on private equity and fund-of-funds investing.
Action taken
Adams Street Partners launched dedicated venture-capital and private-credit businesses.
Aftermath
The move broadened the firm's private-markets offering beyond its historical private-equity focus.
2014
Acquire a minority stake in an RBS private-equity unitM&ABackground
Royal Bank of Scotland sold a minority stake in its private-equity unit.
Action taken
Adams Street Partners acquired the minority stake for $167 million.
Aftermath
The transaction expanded Adams Street Partners' involvement in private-equity activities, although the reference material does not provide further structural details.
Purchase price. $167 million (May 2014)
2008
Acquire UBS's remaining ownership interestM&ABackground
UBS retained a 24.9 percent interest in Adams Street Partners following the firm's original separation from Brinson.
Action taken
Adams Street Partners purchased that interest from UBS for $156 million.
Aftermath
The transaction made Adams Street Partners fully employee owned.
Purchase price. $156 million (May 2008)
2000
Create a separately structured private-markets firmStrategyBackground
Brinson's private-markets activities were affected by bank-related ownership restrictions, including a limit on holding more than 24.9 percent of certain non-banking companies.
Action taken
Brinson formed Adams Street Partners, retained a 24.9 percent interest, and transferred the balance of ownership to employees before the subsequent spinout.
Aftermath
The structure enabled Adams Street Partners to operate as a separate private-markets firm and ultimately supported its transition to full employee ownership.
Recent events
Adams Street Partners launches $363.5 million evergreen venture and growth fund[3]
Adams Street Partners launched the Adams Street Venture and Growth Fund (AVNGR), a $363.5-million evergreen closed-end fund giving private wealth investors access to its venture and growth investment strategies. The fund, which primarily invests in secondaries and venture growth co-investments, will be broadly available beginning December 1, 2026 and expects to offer quarterly tenders to repurchase up to 2.5% of outstanding shares at net asset value.
Icosavax announces $51 million Series A financing[4]
Reported:
Icosavax announced its launch with a $51 million Series A financing led by Qiming Venture Partners USA, with Adams Street Partners, Sanofi Ventures and NanoDimension also participating.
Sources4 sources
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